Explain why it is important to update the control charts as soon as new data become available. Answer 1: It is important to update the control charts as soon as we have new data to see whether this resulting data …
Discuss the difference between a cyclical component and a seasonal component. Which component is more predictable, seasonal or cyclical? Discuss and illustrate with examples. Difference between a cyclical component and a seasonal component Answer 1: A cyclical component means the …
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Discuss in your own terms the similarities and differences between simple linear regression analysis and multiple regression analysis. Similarities and differences between simple linear regression analysis and multiple regression analysis Simple linear regression is when you have only one predictor, …
If we select a random sample of data for two variables and, after computing the correlation coefficient, conclude that the two variables may have zero correlation, can we say that there is no relationship between the two variables? Discuss. Answer …
Identify three situations where the measured output of a process has a small variation and three situations where the variation is larger (for instance, the time for a phone call to ring the other phone versus the time to speak …
Why, when dealing with two independent samples where you cannot assume the population variances are equal, should the degrees of freedom be adjusted? Answer 1: When testing a hypothesis, specified significance level of one size for all parameters does not …
Discuss the issues a decision maker should consider when determining the significance level to use in a hypothesis test. The decision maker should base his decision on whether the results contain enough information to doubt the conventional wisdom, which is …
Discuss why the sampling distribution will be less variable than the population distribution. Give a short example to illustrate your answer. Sampling distribution is less variable than population distribution, and I will show this using an example. If we have …
Suppose you tell one of your fellow students that when working with a continuous distribution, it does not make sense to try to compute the probability of any specific value since it will be zero. She says that, when the …
Discuss what is meant by classical probability assessment and indicate why classical assessment is not often used in business applications. Classical probability assessment Answer 1 The classical probability assessment is a method where we have an experiment and an …
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